Concentra has been approved to trade on the New York Stock Exchange under the ticker symbol ‘CON’. Credit: Sergei Tokmakov, Esq. https://Terms.Law / Pixabay.

Concentra Group Holdings Parent, the occupational health services unit of Select Medical, has filed a prospectus, setting the price range for its upcoming initial public offering (IPO) in the US.

The company plans to offer 22.5 million shares priced between $23 and $26 each, as detailed in its filing with the US Securities and Exchange Commission (SEC).

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Besides, Concentra is granting underwriters a 30-day option to purchase up to an additional 3.375 million shares to cover potential over-allotments.

Select Medical will maintain a majority interest in Concentra post-IPO, owning 104,093,503 shares, or 82.23% of its total outstanding shares. If the underwriters completely exercise their over-allotment option, this ownership can be reduced to 80.09%.

The proceeds from the IPO are earmarked for paying down Select Medical’s debt and will not be utilised for business operations or development purposes.

Concentra has been approved to trade on the New York Stock Exchange under the ticker symbol ‘CON’.

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Spearheading the IPO as lead book-running managers are J.P. Morgan, Goldman Sachs & Co., and BofA Securities. Deutsche Bank Securities, Wells Fargo Securities, Mizuho, RBC Capital Markets, and Truist Securities are the joint book-running managers.

Co-managers for the offering include Capital One Securities, Fifth Third Securities, and PNC Capital Markets.

Select Medical has stressed in a press release that the IPO is contingent on market conditions and other factors, and there is no certainty of its completion, timeline or size.

Concentra has established itself as the largest occupational health services provider in the US by location count, with the business operating 547 occupational health centres across 41 states and 151 onsite health clinics at employer sites in 37 states as of 31 March 2024.

The company’s telemedicine programme has extended its services to 43 states and the District of Columbia. With nearly 11,000 colleagues and affiliated physicians and clinicians, the company delivers services to over 50,000 patients each business day on average.

For the 12 months ended 31 March 2024, Concentra reported revenues of $1.8bn.